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To: Lucretius who wrote (7090)	2/1/1999 9:55:00 PM
From: Copeland	Respond to of 14427

Take a gander at this: NY Precious Metals Review All end higher, Apr gold up $2.70 New York--Feb 1--The NY precious metals complex ended today's session higher, helped by weakness in the dollar against the yen. COMEX Apr gold led the pack, settling up $2.70 at $290.90 per ounce after jumping to an 18-day high of $291.30. NYMEX Mar palladium also made strong gains, hitting a contract high of $344 per ounce and settling up $8 at $343.65. An easing of the dollar against the yen was supportive overnight in Asia, making the US-dollar denominated metals more affordable in that region. The dollar continued to lose ground in the US session, dropping to a 5-day low of 114.80 yen. It was at 115.17 at 1505 ET. In addition to currency-led gains, traders said that Friday's commitment of traders report from the Commodity Futures Trading Commission revealed heavy short positions in gold, prompting some jitters. Market players were concerned that any price uptick could result in a nervous and volatile short covering rally. The commitment report showed that gold short positions as of Jan 26 had climbed 5,975 contracts to 70,853 contracts from Jan 19. Long positions were up only 265 contracts at 9,861 contracts. One trader noted that gold had run into some buy-stops on its climb higher, and suggested that some players may have been trying to trigger more buy-stops -- but that central bankers were aware of gold market sentiment and the need for stability. Unconfirmed talk Friday that a central bank had already conducted a large gold sale--most strongly rumored to be a 160-tonne sale by Sweden's Riksbank--as also made players jittery. Palladium also made strong gains today and while the dollar's fall against the yen was supportive, the main impetus for its climb was a lack of news on Russian 1999 contract deliveries. "There's no news out of Russia and this makes everyone nervous," said one trader. "We haven't had any news last week and the news we had before that was misleading," he said, referring to some reports which suggested Russia would start to deliver palladium in the first quarter. "Today's jump was carry-through from TOCOM--there's no metal, the Japanese haven't seen anything," he added. Palladium's rally helped platinum edge to higher prices and it also saw some short-covering, said traders. Silver remained buoyant, with Mar settling up 7.3c at $5.308 per ounce after edging to a 19-day high of $5.32. After heavy gains in the past few trading sessions, silver is looking strong from a technical perspective, said one trader. Another noted that silver was "heavily borrowed," pointing out that 1-month lease rates had climbed from last week's 1% to around 2.5% this week.

To: Lucretius who wrote (7090)	2/1/1999 10:23:00 PM
From: 007	Read Replies (1) \| Respond to of 14427

Luc, one of the more interesting afternoons in awhile for you(Bonds & Gold). Dollar went up today and is still strong, so I doubt foreigners are dumping that many bonds. Maybe the dollar will pullback one of these days and bring the market along. Whenever it happens, I wouldn't count on anything out of the ordinary. This is a strong uptrend and it's amazing how long this market can stay overbought. 007